In brief
On 6 May 2022, the Honorable Madam Justice Linda Chan granted a petition for the winding-up (in Hong Kong) of Up Energy Development Group Limited, which was incorporated in Bermuda.
From a civil litigation and insolvency perspective, we look at the key impacts of the Hong Kong Courts’ recent General Adjournment of Proceedings (GAP) from 7 March 2022 to 11 April 2022 and related governmental closures.
Key Takeaways
1. The recent implementation of GAP has resulted in a de facto stay of new actions and proceedings, and adjournment of existing actions, including bankruptcy and winding-up petitions.
In brief
On 14 May 2021, the Supreme People’s Court (SPC) and the Hong Kong government agreed a framework (“Framework”) for judicial cooperation in corporate insolvency and debt restructuring. Under the Framework:
In brief
On 14 May 2021, the Supreme People’s Court (SPC) and the Hong Kong government agreed a framework (“Framework”) for judicial cooperation in corporate insolvency and debt restructuring. Under the Framework:
In brief
On 14 May 2021, the Supreme People's Court of the PRC (SPC) and the Government of the Hong Kong Special Administrative Region (HKSAR) signed a Record of Meeting setting out a framework to facilitate the mutual recognition of and assistance to insolvency proceedings between Mainland China and Hong Kong ("Arrangement"). The Record of Meeting is supplemented by the SPC's Opinion and the HKSAR Government's Practical Guide, which together provide the "Framework".
In brief
On 14 May 2021, the Supreme People's Court of the PRC (SPC) and the Government of the Hong Kong Special Administrative Region (HKSAR) signed a Record of Meeting setting out a framework to facilitate the mutual recognition of and assistance to insolvency proceedings between Mainland China and Hong Kong ("Arrangement"). The Record of Meeting is supplemented by the SPC's Opinion and the HKSAR Government's Practical Guide, which together provide the "Framework".
In brief
- Introduction
Under Hong Kong law, a company shall be deemed to be unable to pay its debts if a creditor, to whom the company is indebted of at least HKD 10,000 (around USD 1,290), has served on the company a demand requiring the company to pay and the company has not done so within three weeks.
The ongoing COVID-19 pandemic has profoundly reshaped the global business landscape. Some companies that only months ago seemed unstoppably profitable have been brought to an existential brink by extended lockdowns, supply chain failures, and other obstacles caused by the pandemic. Other companies who have experienced less disruption (or in some cases windfalls) stand at the threshold of opportunity even as they prepare themselves for the challenges of the 'new normal'.
On 30 January 2020, the World Health Organization declared that the coronavirus outbreak constituted a public health emergency of international concern. The PRC and Hong Kong have been at the forefront of the coronavirus outbreak.